Sive Morten
Special Consultant to the FPA
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Morning everybody,
Despite that US events have brought some volatility on the markets, EUR was able to hold above 1H K-area and hit our first 1.2330 target on intraday chart. It is not too much to talk about on daily time frame - mostly everything stands the same, and while EUR stays inside the channel and keeps upward tendency - it keeps bullish context as well. Because, as we've mentioned, upward action and erasing of bearish signs tells above aiming on upward direction:
On intraday charts, before upward continuation, EUR still could show a bit deeper retracement. ON 4H chart our butterfly has been completed, and as EUR has failed to proceed higher after 1st downside swing - it means that it is forming two leg downside retracement in a shape of AB-CD pattern. The depth of the pullback might be different. Still, invalidation point here stands the same and this is 1.22 lows:
On 1H chart we keep an eye on 1.2265 K-area and Agreement first. Next support is Agreement around 1.2213, and this is actually the last outpost around invalidation point. Downside breakout means crush of short-term bullish context and EUR forms the bearish reversal swing in this case:
Despite that US events have brought some volatility on the markets, EUR was able to hold above 1H K-area and hit our first 1.2330 target on intraday chart. It is not too much to talk about on daily time frame - mostly everything stands the same, and while EUR stays inside the channel and keeps upward tendency - it keeps bullish context as well. Because, as we've mentioned, upward action and erasing of bearish signs tells above aiming on upward direction:
On intraday charts, before upward continuation, EUR still could show a bit deeper retracement. ON 4H chart our butterfly has been completed, and as EUR has failed to proceed higher after 1st downside swing - it means that it is forming two leg downside retracement in a shape of AB-CD pattern. The depth of the pullback might be different. Still, invalidation point here stands the same and this is 1.22 lows:
On 1H chart we keep an eye on 1.2265 K-area and Agreement first. Next support is Agreement around 1.2213, and this is actually the last outpost around invalidation point. Downside breakout means crush of short-term bullish context and EUR forms the bearish reversal swing in this case: